Early retirement - is when or how much more important?

lisyloo

bostonerimus wrote: »

I disagree. I think endowment mortgages are evil. I make it a rule never to gamble with the repayment of a loan and an interest only loan can lead people into borrowing more than they can really afford. Give me a simple mortgage where both interest and principal are paid back and there are no surprises.

For the majority that may well be a good rule of thumb.
I got very lucky with an I/o mortgage and at one point was paying 0.74%, so I stoozed and at one point was making £8k per year profit.

So whilst I agree that repayment is largely a good idea I think individuals ought to have choice and we shouldn’t be In a nanny state where no one is allowed to take risks.
Bit of a fine line I guess.

The industry has smartened itself up a great deal since the 1980s, so people aren’t being sold dreadful pensions with terrible allocation rates,

Bravepants

lisyloo wrote: »

Im curious.
Is your job really so bad that you can’t see friends/family on some evenings, weekends, bank hols?
If so have you considered changing jobs as this is not normal.

We don’t live near family/friends so evenings are out for us and also travel at weekend and have to visit a parent in a nursing home which both restrict us further.

However I do manage to arrange seeing friends and family even if it means waiting for a bank holiday and many months to see them.

Don't get me wrong I have friends now and we see them regularly, but they are mostly friends I have inherited from my partner. MY friends are upto their necks in work, maintaining huge houses and having babies.

I guess I mean I was destracted enough by other aspects of my life, mostly work, that I never kept in touch with people who caould have remained lifelong friends and I regret that.

lisyloo

Bravepants wrote: »

Don't get me wrong I have friends now and we see them regularly, but they are mostly friends I have inherited from my partner. MY friends are upto their necks in work, maintaining huge houses and having babies.

I guess I mean I was destracted enough by other aspects of my life, mostly work, that I never kept in touch with people who caould have remained lifelong friends and I regret that.

I understand it’s hard to do everything.
I love planning - I prefer to call myself a control enthusiast :rotfl: rather than a control freak
We are very busy with a lot of distractions but I do make the time to organise to see the people we want, even if it sometimes means booking many months in advance (which sometimes it does).

I have relative I want to see who I can only see on a bank holiday (as I have commitments every normal day due to MIl being in a nursing home) but it CAN happen on the next bank holiday if it’s organised.

So it’s also about prioritising and organising.
I understand there are distractions and it’s difficult but mostly it’s not impossible and if it really is difficult do it at a mealtime as you have to eat and suggest someone else travels or you meet halfway.

maxie014

Im 55 now and having to drag myself into work nowadays,its not particularly stressful or hard just think ive been working shifts too long,cut all overtime down last couple of years.
Been a few redundancies lately and i think there will be more to come in the next 5 years so will be keeping an eye out for them from 58ish.
Luckily i have a few outdoor hobbies which are in the main free,fuel only,and live just outside the lake district so great walking for a fivers worth of fuel.My other hobbies are fishing and gardening/allotment both cheap.
Not interested in expensive flash hols/cars,no debt,house is paid for,could live relatively cheaply.
The mrs does like a bit of shopping though!

MK62

chucknorris wrote: »

I probably can't spend what I have now, but why should I give up a job that I really enjoy doing?

And that's the key I think, once you've hit the "number"......if you are doing something you enjoy then there's no reason to stop just so you can say you've retired, though you should also probably ask yourself if there are other things you could be doing that you'd enjoy more.;)

You are in the ideal place though, where it's really up to you....no real outside pressure.

However, many are, unfortunately, in the "other" boat, where the decision isn't really in their hands, even if they despise the job they are doing (and once you are into the retirement age range, it's often not straightforward to just change jobs to something you enjoy....but that's another debate)

ChrisK....._3

In 60 and I dont think I'll have enough money to retire so I've taken an admin job that's less money than my teaching profession, but it's easier to do. I'm also thinking about reducing to 4 day week (3 days off).

Imelda

I'm "only" 38 and my husband is 42. We have turned our attention to pension saving over the past couple of years. My FIL died at 66 but was fortunate enough to retire at 53 on a DB pension (those were the days...).

I think it is too early for us to say what is more important- we have two young children and so we are tied up for at least the next 15 years. I went back to work part time after having the children and fully intended to increase my hours back up to full time once they started school but I actually think I would prefer to stay working part time and perhaps working a couple of years more. But who know how I will feel in 10/15yrs?
Our number is quite high but we are halfway there. I could see my husband going when we get to the "number" - maybe in 10 years.

DairyQueen

Some really thought-provoking posts on this thread. Really enjoyed reading the diverse views and philosophies.

Almost eight years ago, then age 52, I was an accidental, early retiree when a family crisis precipitated the event several years before I had planned. I was lucky that I had enough capital to bridge but, with hindsight, I have appreciated the time much more than I would have the extra money.

Having said that, I have since married Mr DQ and we now have the cushion of our joint pensions. Approaching 62, Mr DQ can afford to retire but he chooses not to. I suspect that he will look back on this decision with some regret but that's his choice.

However, our experience is very different from most of my extended family. I don't have cousins, I have rent-a-crowd, and I know of only four who are in a position to retire before, or at, SP age. One works in the public sector and will benefit from a DB scheme that he never appreciated or understood - until now. Two others are only children who benefited disproportionately from parental inheritance. All three are the recipients of luck over planning.

The contrast between the discussions held by financially-aware forum members, and the retirement panic I witness amongst so many in my family in their 50s and 60s, couldn't be more stark.

I am chastened that I had the option to retire early as those who were not as fortunate professionally, or who lacked the means or ability to save, or who suffered life events that permanently damaged them financially, are facing an impending crisis.

Without wishing to go too off-subject, or hijack michael's thread, has anyone been in the unenviable situation of knowing that their numbers are such that the date of their retirement will be beyond SP age? If so, what do they believe created their retirement funding black hole?